Eaton Vance National Municipal Opportunities Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-22269

Investment Company Act File Number

Eaton Vance National Municipal Opportunities Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

March 31

Date of Fiscal Year End

June 30, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

National Municipal Opportunities Trust

June 30, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 112.6%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 0.3%

  

Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15

    $ 850       $ 869,176   
     

 

 

  
   $ 869,176   
     

 

 

  

Education — 10.1%

      

Maine Health and Higher Educational Facilities Authority, (Bowdoin College), 5.00%, 7/1/39(1)

    $ 10,440       $ 11,480,659   

New Hampshire Health and Education Facilities Authority, (Dartmouth College), 5.25%, 6/1/39(1)(2)

      12,000         13,638,720   

New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33

      1,500         1,616,190   

New York Dormitory Authority, (The New School), 5.75%, 7/1/50

      3,000         3,300,390   

Oregon Facilities Authority, (Lewis & Clark College), 5.625%, 10/1/36

      1,090         1,233,073   

University of Virginia, 5.00%, 6/1/40

      2,650         2,934,160   
     

 

 

  
   $ 34,203,192   
     

 

 

  

Electric Utilities — 13.4%

      

Apache County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.50%, 3/1/30

    $ 340       $ 355,001   

Beaver County, PA, Industrial Development Authority, (FirstEnergy Nuclear Generation), 3.50% to 6/1/20 (Put Date), 12/1/35

      3,050         3,073,332   

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 1/1/34

      3,650         4,189,871   

Chula Vista, CA, (San Diego Gas and Electric), 5.875%, 2/15/34

      2,815         3,231,367   

Hawaii Department of Budget and Finance, (Hawaiian Electric Co.), 6.50%, 7/1/39

      4,540         5,207,198   

Indiana Financing Authority, (Duke Energy Indiana, Inc.), 6.00%, 8/1/39

      8,000         8,997,520   

Matagorda County, TX, Navigation District No. 1, (Central Power and Light Co.), 6.30%, 11/1/29

      6,000         6,867,240   

Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 4.00%, 9/1/29

      715         721,235   

Pima County, AZ, Industrial Development Authority, (Tucson Electric Power Co.), 5.25%, 10/1/40

      2,500         2,624,650   

Salt River Project Agricultural Improvement and Power District, AZ, 5.00%, 1/1/38(1)(2)

      9,000         9,878,580   
     

 

 

  
   $ 45,145,994   
     

 

 

  

General Obligations — 5.7%

      

Birmingham, MI, Public Schools, 4.00%, 5/1/29

    $ 3,400       $ 3,603,762   

California, 5.00%, 12/1/26

      2,145         2,537,020   

California, 6.00%, 4/1/38

      5,750         6,780,515   

Illinois, 5.00%, 5/1/36

      3,500         3,684,590   

Will County, IL, Community Unit School District No. 365-U, (Valley View), 5.75%, 11/1/32

      2,210         2,570,296   
     

 

 

  
   $ 19,176,183   
     

 

 

  

Hospital — 21.3%

      

California Health Facilities Financing Authority, (Catholic Healthcare West), 6.00%, 7/1/34

    $ 980       $ 1,111,006   

California Health Facilities Financing Authority, (Catholic Healthcare West), 6.00%, 7/1/39

      1,000         1,114,310   

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37

      165         179,256   

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.75%, 2/15/42

      665         723,839   

Harris County Cultural Education Facilities Finance Corp., TX, (Texas Children’s Hospital), 5.50%, 10/1/39(1)

      12,300         14,050,044   

Illinois Finance Authority, (Provena Healthcare), 7.75%, 8/15/34

      3,000         3,729,390   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Illinois Finance Authority, (Rush University Medical Center), 6.625%, 11/1/39

    $ 2,300       $ 2,622,575   

Johnson City, TN, Health & Educational Facilities Board, (Mountain States Health Alliance), 6.00%, 7/1/38

      1,665         1,857,124   

Kansas Development Finance Authority, (Adventist Health System), 5.75%, 11/15/38

      5,915         6,665,081   

Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), 6.00%, 7/1/39

      3,400         3,801,880   

Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33

      3,725         3,728,315   

Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 4.75%, 7/1/25

      1,450         1,518,556   

Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46

      4,070         4,129,381   

New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37

      1,000         1,095,180   

Onondaga Civic Development Corp., NY, (St. Joseph’s Hospital Health Center), 5.00%, 7/1/42

      2,425         2,425,000   

South Lake County Hospital District, FL, (South Lake Hospital, Inc.), 6.25%, 4/1/39

      1,365         1,500,354   

Southwestern Illinois Development Authority, (Memorial Group, Inc.), 7.25%, 11/1/33

      770         855,994   

St. Paul, MN, Housing and Redevelopment Authority, (HealthEast), 6.00%, 11/15/35

      3,750         3,915,038   

Sullivan County, TN, Health, Educational and Facilities Board, (Wellmont Health System), 5.25%, 9/1/36

      3,115         3,234,398   

Tarrant County Cultural Education Facilities Finance Corp., TX, (Cook Children’s Medical Center), 5.25%, 12/1/39(1)

      3,500         3,953,285   

Tyler Health Facilities Development Corp., TX, (East Texas Medical Center), 5.375%, 11/1/37

      4,500         4,566,105   

Wisconsin Health and Educational Facilities Authority, (Wheaton Franciscan Healthcare System), 5.125%, 8/15/30

      5,000         5,123,500   
     

 

 

  
   $ 71,899,611   
     

 

 

  

Housing — 3.7%

      

Maryland Community Development Administration, Department of Housing and Community Development, (AMT), 5.15%, 9/1/42(1)

    $ 10,110       $ 10,262,762   

Maryland Community Development Administration, Department of Housing and Community Development, (AMT), 5.15%, 9/1/42

      20         20,302   

Virginia Housing Development Authority, 3.625%, 1/1/31

      2,200         2,237,664   
     

 

 

  
   $ 12,520,728   
     

 

 

  

Industrial Development Revenue — 10.7%

      

Alabama Industrial Development Authority, (Pine City Fiber Co.), (AMT), 6.45%, 12/1/23

    $ 5,000       $ 5,015,150   

Brazos River Harbor Navigation District of Brazoria County, TX, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33

      3,000         3,292,920   

California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23

      5,000         5,258,300   

Campbell County, WY, (Basin Electric Power Cooperative), 5.75%, 7/15/39

      3,000         3,338,010   

Clayton County, GA, Development Authority, (Delta Airlines, Inc.), 8.75%, 6/1/29

      3,420         4,270,588   

Massachusetts Development Finance Agency, (Covanta Energy), 4.875%, 11/1/42

      2,695         2,703,867   

Nevada Department of Business and Industry, (Republic Services, Inc.), (AMT), 5.625% to 6/1/18 (Put Date), 12/1/26

      1,800         2,001,960   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23

      630         652,163   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29

      1,900         1,974,081   

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35

      2,560         2,960,870   

Owen County, KY, (Kentucky-American Water Co., Inc.), 6.25%, 6/1/39

      3,000         3,346,080   

Sabine River Authority, LA, (International Paper Co.), 6.20%, 2/1/25

      205         205,437   

Selma, AL, Industrial Development Board, (International Paper Co.), 5.80%, 5/1/34

      850         948,541   
     

 

 

  
   $ 35,967,967   
     

 

 

  

Insured-Special Tax Revenue — 2.9%

  

Hesperia, CA, Public Financing Authority, (Redevelopment and Housing Projects), (XLCA), 5.00%, 9/1/37

    $ 295       $ 297,387   

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC),
6.875%, (0.00% until 10/1/19), 10/1/34

    $ 4,000       $ 3,772,440   

Miami-Dade County, FL, Professional Sports Franchise Facilities, (AGC),
7.00%, (0.00% until 10/1/19), 10/1/39

      6,000         5,578,560   
     

 

 

  
   $ 9,648,387   
     

 

 

  

Insured-Transportation — 7.1%

      

Chicago, IL, (O’Hare International Airport), (AGM), 5.50%, 1/1/43

    $ 710       $ 777,819   

Clark County, NV, (Las Vegas-McCarran International Airport), (AGM), 5.25%, 7/1/39

      2,885         3,127,456   

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35

      4,000         1,668,800   

North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/36

      15,000         5,872,200   

San Joaquin Hills Transportation Corridor Agency, CA, (NPFG), 0.00%, 1/15/32

      10,000         3,689,900   

San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47

      7,850         8,643,792   
     

 

 

  
   $ 23,779,967   
     

 

 

  

Insured-Water and Sewer — 0.4%

      

Detroit, MI, Water Supply System, (NPFG), 5.00%, 7/1/27

    $ 1,410       $ 1,414,625   
     

 

 

  
   $ 1,414,625   
     

 

 

  

Lease Revenue/Certificates of Participation — 2.4%

      

Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25

    $ 2,000       $ 2,307,380   

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31

      5,000         5,775,050   
     

 

 

  
   $ 8,082,430   
     

 

 

  

Other Revenue — 1.6%

      

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.00%, 7/15/30

    $ 510       $ 567,197   

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.25%, 7/15/40

      575         639,026   

Brooklyn Arena Local Development Corp., NY, (Barclays Center), 6.375%, 7/15/43

      315         350,362   

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.125%, 1/1/34

      1,250         1,341,550   

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/37

      1,245         1,372,799   

Seminole Tribe, FL, 5.50%, 10/1/24(3)

      925         1,005,512   
     

 

 

  
   $ 5,276,446   
     

 

 

  

Senior Living/Life Care — 6.7%

      

ABAG Finance Authority for Nonprofit Corporations, CA, (Episcopal Senior Communities), 6.00%, 7/1/31

    $ 1,295       $ 1,450,983   

Atlantic Beach, FL, (Fleet Landing), 5.00%, 11/15/37

      3,405         3,512,836   

Bexar County Health Facilities Development Corp., TX, (Army Retirement Residence Foundation), 6.20%, 7/1/45

      2,000         2,185,900   

Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group), 5.50%, 1/1/30

      465         507,296   

Douglas County, NE, Hospital Authority No. 2, (Immanuel Obligated Group), 5.625%, 1/1/40

      925         999,536   

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28

      165         184,883   

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 6.375%, 1/1/33

      345         386,148   

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.125%, 11/15/32

      300         319,626   

Hawaii Department of Budget and Finance, (Kahala Senior Living Community, Inc.), 5.25%, 11/15/37

      275         294,195   

Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 5.00%, 11/15/29

      1,705         1,725,835   

Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 6.125%, 11/15/26

      500         555,785   

Lee County, FL, Industrial Development Authority, (Shell Point Village/Alliance Community), 6.50%, 11/15/31

      1,600         1,780,800   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Maryland Health and Higher Educational Facilities Authority, (Charlestown Community, Inc.), 6.125%, 1/1/30

    $ 470       $ 520,737   

Mount Vernon, NY, Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29

      1,000         1,000,470   

Palm Beach County, FL, Health Facilities Authority, (Sinai Residences of Boca Raton), 7.25%, 6/1/39

      550         605,919   

Palm Beach County, FL, Health Facilities Authority, (Sinai Residences of Boca Raton), 7.50%, 6/1/49

      2,560         2,839,706   

Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.00%, 12/1/32

      255         269,017   

Tempe, AZ, Industrial Development Authority, (Friendship Village of Tempe), 6.25%, 12/1/42

      735         776,873   

Washington Housing Finance Commission, (Wesley Homes), 6.20%, 1/1/36

      2,500         2,582,750   
     

 

 

  
   $ 22,499,295   
     

 

 

  

Special Tax Revenue — 1.4%

      

Guam, Limited Obligation Bonds, 5.625%, 12/1/29

    $ 1,625       $ 1,775,199   

Guam, Limited Obligation Bonds, 5.75%, 12/1/34

      1,020         1,114,207   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

      1,615         1,795,121   
     

 

 

  
   $ 4,684,527   
     

 

 

  

Student Loan — 1.6%

      

Massachusetts Educational Financing Authority, 6.00%, 1/1/28

    $ 3,800       $ 4,068,242   

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43

      1,445         1,449,422   
     

 

 

  
   $ 5,517,664   
     

 

 

  

Transportation — 15.1%

      

Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/34

    $ 1,365       $ 1,532,963   

Central Texas Regional Mobility Authority, 5.75%, 1/1/31

      325         363,392   

Central Texas Regional Mobility Authority, 6.00%, 1/1/41

      35         39,101   

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/25

      1,345         1,501,168   

Chicago, IL, (O’Hare International Airport), (AMT), 5.00%, 1/1/26

      1,140         1,265,263   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/30

      1,125         1,296,562   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), 5.25%, 11/1/31

      1,735         1,987,599   

Dallas and Fort Worth, TX, (Dallas/Fort Worth International Airport), (AMT), 5.00%, 11/1/38

      5,225         5,462,528   

Grand Parkway Transportation Corp., TX, 5.125%, 10/1/43

      875         929,915   

Houston, TX, (United Airlines Inc.), (AMT), 4.75%, 7/1/24

      680         699,645   

Houston, TX, (United Airlines Inc.), (AMT), 5.00%, 7/1/29

      1,360         1,384,657   

Memphis-Shelby County, TN, Airport Authority, (AMT), 5.75%, 7/1/24

      350         398,601   

Metropolitan Transportation Authority, NY, 5.00%, 11/15/31

      3,500         3,895,045   

Miami-Dade County, FL, (Miami International Airport), 5.00%, 10/1/41

      1,360         1,444,932   

New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/38

      20,000         5,962,400   

North Texas Tollway Authority, 5.50%, 9/1/41(1)(2)

      2,660         3,033,517   

North Texas Tollway Authority, 5.75%, 1/1/38

      5,000         5,523,200   

Orlando-Orange County Expressway Authority, FL, 5.00%, 7/1/35

      750         808,538   

Route 460 Funding Corp., VA, 0.00%, 7/1/39

      2,200         573,518   

Route 460 Funding Corp., VA, 0.00%, 7/1/40

      4,625         1,123,227   

Route 460 Funding Corp., VA, 0.00%, 7/1/41

      4,970         1,139,323   

St. Louis, MO, (Lambert-St. Louis International Airport), 6.625%, 7/1/34

      5,000         5,748,500   

Texas Private Activity Bond Surface Transportation Corp., (LBJ Express Managed Lanes Project), 7.00%, 6/30/34

      2,625         3,151,365   

Texas Private Activity Bond Surface Transportation Corp., (North Tarrant Express Managed Lanes Project), 6.875%, 12/31/39

      1,520         1,783,766   
     

 

 

  
   $ 51,048,725   
     

 

 

  

Water and Sewer — 8.2%

      

Atlanta, GA, Water & Wastewater Revenue, 6.25%, 11/1/34

    $ 3,000       $ 3,533,640   

Detroit, MI, Sewage Disposal System, 5.00%, 7/1/32

      1,450         1,437,254   

 

4

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Detroit, MI, Sewage Disposal System, 5.25%, 7/1/39

    $ 1,405       $ 1,399,380   

Detroit, MI, Water Supply System, 5.25%, 7/1/41

      2,725         2,714,073   

Marco Island, FL, Utility System, 5.00%, 10/1/34

      550         608,828   

Marco Island, FL, Utility System, 5.00%, 10/1/40

      2,425         2,637,648   

Metropolitan Water District of Southern California, 5.00%, 7/1/29

      2,000         2,314,940   

New York, NY, Municipal Water Finance Authority, (Water and Sewer System), 5.25%, 6/15/40(1)

      11,700         13,176,657   
     

 

 

  
   $ 27,822,420   
     

 

 

  

Total Tax-Exempt Investments — 112.6%
(identified cost $329,739,220)

       $ 379,557,337   
     

 

 

  

Other Assets, Less Liabilities — (12.6)%

       $ (42,335,764 ) 
     

 

 

  

Net Assets — 100.0%

  

    $ 337,221,573   
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

AMT

   -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC

   -   Berkshire Hathaway Assurance Corp.

NPFG

   -   National Public Finance Guaranty Corp.

XLCA

   -   XL Capital Assurance, Inc.

At June 30, 2014, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:

 

                        

Texas

      16.1 % 

California

      11.2 % 

Others, representing less than 10% individually

      72.7 % 

The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at June 30, 2014, 9.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.1% to 4.5% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $10,555,817.

 

(3) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At June 30, 2014, the aggregate value of these securities is $1,005,512 or 0.3% of the Trust’s net assets.

The Trust did not have any open financial instruments at June 30, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Trust at June 30, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     279,916,582   
  

 

 

  

Gross unrealized appreciation

    $ 51,665,523   

Gross unrealized depreciation

      (344,768 ) 
  

 

 

  

Net unrealized appreciation

    $ 51,320,755   
  

 

 

  

 

5

 

 

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

•  

Level 1 — quoted prices in active markets for identical investments

 

•  

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•  

Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At June 30, 2014, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

    $ —       $ 379,557,337       $ —       $ 379,557,337   

Total Investments

    $     —       $     379,557,337       $     —       $     379,557,337   

The Trust held no investments or other financial instruments as of March 31, 2014 whose fair value was determined using Level 3 inputs. At June 30, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

 

6

 

 

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance National Municipal Opportunities Trust

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   August 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   August 25, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 25, 2014